Value for money
The IGC’s value for money assessment is undertaken by reviewing:
- Plan charges and transaction costs
- Investment strategy and performance
- Customer service and communications.
The IGC also assesses Royal London's environmental, social and governance (ESG) policies.
The findings are collated in an annual report which is published on this page.
The majority of members of the IGC are independent.
Read our full terms of reference (PDF).
IGC Annual Report 2023
The 2023 IGC Annual Report is now available. Within the full report, you can use the navigation bar at the top to skip to the section you'd like to read.
Short on time? Read our ‘At a glance’ summary of how Royal London has performed.
Archived reports
Peter Dorward - Independent Chair
Peter has over 40 years’ experience in investment management and the broader financial services industry, both in the UK and overseas. For the last 25 years, he has held senior management and executive positions in investment management firms. Since 2014, Peter has been Managing Director of IC Select, part of Independent Governance Group, specialising in the provision of investment governance support, and the evaluation and oversight of investment service providers to UK pension funds.
Peter holds an MBA from Edinburgh Business School, Heriot-Watt University, an FT Non-Executive Director Diploma and has completed executive education programmes at Henley Management College and Harvard Business School.
Rosie Bichard - Independent Member
Rosie has worked in financial services since 1990, principally as a global equity investor and analyst at several blue-chip fund management firms with a focus on the consumer sector. Her roles have involved considerable engagement with senior management and boards of investee companies over many years. She now holds various board positions including as a Non-Executive Director of UBS Asset Management Funds Ltd and is Audit Chair for the UBS Asset Management UK business.
Rosie is a Chartered Financial Analyst and has completed executive education programmes at London Business School and Harvard Business School. She completed the Competent Boards ESG Certificate Program in 2021 and is a Qualified Risk Director®.
Louise Eldred - Independent Member
Louise is an actuary with over 30 years’ experience in the mutual sector. As Equitable Life’s With-Profits Actuary she advised management and the Board on the fair treatment of with-profits policyholders, playing a key role in designing and implementing the transformation of Equitable Life’s business in 2019 that distributed the Society’s surplus assets to with-profits policyholders. She is currently an independent member of the With-Profits Committee of Scottish Widows, responsible for advising the Board on the Scottish Widows and Clerical Medical With-Profits Funds.
Louise has worked in positions subject to significant regulatory oversight, requiring technical aptitude and commercial awareness. Throughout her career Louise has focused on prioritising the needs of customers, with a particular interest in ensuring the complexities of policies and investments are explained in a clear and understandable way.
Julie Russell - Independent Member
Julie is a Chartered Insurer with over 39 years’ experience in financial services. She retired from abrdn in 2020 where she held several senior leadership and board-level roles, latterly as Executive Director Advice, 1825 financial planning and advice. During her career she has developed a breadth of knowledge and experience delivering services to and supporting customers. Key responsibilities and experience have included strategy, business and commercial planning, omni-channel customer and workplace member guidance, advice and service delivery, proposition design and delivery, firm acquisition and integration, as well as holding key positions on various boards and committees.
Colin Stewart - Independent Member
Colin Stewart is an experienced non-executive director, chair, and former managing director with a 35-year career at Citi in investment banking, capital markets, foreign exchange, derivatives, risk management and securities services. He has worked extensively in pensions, insurance and asset management, chairing Citi’s UK Pension Plans and serving on advisory boards for the Bank of England, Scottish Government, and Adam Smith Business School.
Colin holds an MA in Economics from the University of Glasgow and is a member of the Chartered Institute of Securities & Investments and the Pensions Management Institute. He brings deep expertise in governance, risk oversight and institutional finance.
Ewan Smith - CEO Office Director, Royal London
Ewan is an actuary with over 38 years’ experience in financial services. He is currently the CEO Office Director and joined the Royal London Group in 2001 when Scottish Life became part of Royal London. Ewan has filled several senior leadership roles in Royal London focusing on proposition strategy across both pensions and protection. Ewan is also a member of Royal London’s Investment Advisory Committee, a director of Royal London Asset Management and a Trustee of the Royal London Group Pension Scheme.
Jo Kite - Chief Customer Officer, Royal London
Jo is Royal London’s Chief Customer Officer. She is a member of the Royal London Group’s Executive Committee and is responsible for UK customers' outcomes.
Jo has extensive experience in financial services having started her career at Aviva in 1993, where she trained and qualified as an actuary and held a number of senior management positions in both the UK and Europe. Prior to joining Royal London she was Managing Director at Willis Towers Watson, leading their Master Trust business and Scottish Pensions Consulting practice. Jo spent 12 years at Standard Life where she led Marketing, Proposition, Operations and Finance functions at executive levels across wealth, platforms and workplace.
Contact the IGC
You can contact the IGC directly at royallondonIGC@royallondon.com.
If you have a specific question about a product you have with Royal London, visit our get in touch page.